Business

The Nigerian National Petroleum Company Limited, NNPC, has paid a total of $3.68bn out of the $4.689bn cash call debt to five international oil companies. Latest data obtained from NNPC showed that while they had completed the repayments, it still owed three other IOCs. The outstanding balance of NNPC to the three firms, put together by the oil firm was $1.01bn as of December 31, 2021.

The total assets of Nigeria’s microfinance banks increased to N1.35tn by the end of September 2021, from N856.3bn recorded in September 2020. This was contained in report by the Central Bank of Nigeria, CBN. According to the report, the number of microfinance banks rose from 876 as of June 30, 2021 to 882 as of December 31, 2021.

The House of Representatives Committee on Finance has asked the Nigerian Upstream Petroleum Regulatory Commission to provide details of crude oil production for the fourth quarter of 2021 and the first quarter of 2022. The Chairman of the committee, James Faleke, made the request at the continued investigative hearing of the panel in Abuja. The committee said the information would help the House to determine the revenue accrued to the […]

Central Bank of Nigeria and the National Bureau of Statistics data says Nigeria’s import bill rose from N8.73tn to of N20.84tn Between 2016 and 2021. This implies that within the five-year period, imports into the country rose by N12.11tn or 129.10 per cent. The CBN data shows that the nation’s imports have been rapidly increasing since 1980.

The Debt Management Office has released schedule of local borrowings of about N720 billion by the Federal Government for the second quarter. This was contained in the DMO’s FGN Bonds Issuance Calendar for the Second Quarter, 2022. The calendar shows that, on April 25, the DMO would open a new, 2032 FGN bond, valued at between N70billion to N80billion, with a tenor of 10 years.

Stock market investors made massive gains from their trading activities in the first quarter of 2022. The market capitalization gained by N3.015 trillion to close on March 31, at N25.312 trillion from N22.297 trillion at which it opened for trading activities on January 4, 2020. The All-Share Index which tracks the general market movement of all listed equities rose by 9.95 per cent to close at 46,965.48 points in the […]

Oil prices are bullish during the Asian session as the two major oil benchmarks are up over 1%. The global benchmark, the Brent crude futures is up 1.62%, currently trading $109.27 a barrel, the United States benchmark, the West Texas Intermediate futures is also up 1.62%, currently trading $104.97 a barrel.

The Central Bank of Nigeria has expressed concern over the increasing amount of mutilated banknotes deposited by Deposit Money Banks. CBN has warned banks to stop including composed currency notes in their deposits or risk paying a penalty of 400 per cent of the value of the banknote. Composed banknotes are mutilated currency notes that comprise several parts of different banknotes of the same denomination.